Yet, in clamping down on blockchain operators, the Chinese government has sent jitters across the private sector.
Some operators have proven guilty, such as the Tether scam which was run to facilitate out-of-the-country payments to gambling operators.
Ministry’s International Cooperation director general Liao Jinrong has warned that China is struggling to track all cryptocurrencies and that additional measures were necessary to police unauthorised gambling and crypto operations.
However, the general gung-ho approach towards cryptocurrencies has not stopped cryptocurrencies from gaining more value throughout China.
The biggest tokens have increased in value by 70% compared to 20% for gold in 2020 alone.
These numbers were cited by CCTV, a television owned by the state and maintaining a pro-government program.
In the meantime, the People’s Bank of China is blacklisting over-the-counter cryptocurrency traders.
All of this creates a lot of confusion for Chinese nationals who are interested in blockchain both as the means to conduct business, but also a recreational activity.
Yet, playing at online casinos is often conflicting with the established regulations and laws in the country.
Chinese players are not allowed to play at casinos online, but rather to travel to Macau or just opt for the National Lottery, which is the only form of gambling allowed.
China even created a tool allowing citizens to be pro-active in finding out about others who are participating in illegal gambling operations.